"Growing MSMEs Is Growing PNG"
Policy & Master Plan
TAKE BACK PNG!! Making PNG the richest Black Nation where no child is left behind"
Policy to ensure economic independence through msme development
Taking Back PNG through Economic Independence Guide By Well Articulated MSME Policy 2022
Key Legislation and Policy Reforms
With changing development priorities and economic conditions, SME Corporation in response to the Marape government’s vision and priorities on developing the MSME and Agriculture sectors undertook key legislative and policy reforms in the last two years.
PNG MSME Policy 2022
The result of these reviews were the development of the MSME Policy, SME Master Plan 2016-2030, and SME Corporation Act 2014. The result of these reviews were the development of the MSME Policy 2022, MSME Medium Term Development Plan 2022-2026, and MSME Development Authority Bill 2022.
PNG SME Master Plan 2023-2027
The revised MSME Policy and MSME Medium Term Development Plan 2022-2026 were endorsed by NEC in its meeting No:02 of 2022, decision No: 27/2022.Key Impact projects planned and implemented from 2019 - 2022 include:i) MSME Training and Capacity Buildingii) Development of MSME Incubation Centersiii) Development of MSME Database and Baseline Survey and,iv) Establishment of SME Development Fund
MSME Development Authority Bill 2022
The Corporation has undergone an organisational restructure and completed reviewing the SME Policy 2016 and SME Master Plan 2016-2030. The SME Corporaion Act 2014 was concurrently reviewed to create the MSME Development Authority Act 2021.
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Frequently Asked Questions
SME Corporation is a government Agency under the Ministry of Commerce and Industry and responsible for the MSME growth and development in Papua New Guinea (PNG) through various programs and projects.
There are two methods SME Entrepreneurship training is delivered.
- Flexible mode,
- Cluster groups;
- out of school to general MSMEs in an organized group.
- in school delivers to TVET and secondary schools.
To take part in the training provided by SME Corporation write to SME Corporation and express interest or enquire for more information.
To take part in the training provided by SME Corporation write to SME Corporation and express interest or enquire for more information
The K200 million SME funds funded by government, K100 million was given to BSP and K80 million was given to NDB.
BSP services its existing SMEs whilst NDB disburse loans to both existing and start-ups. All MSMEs are encouraged to enquire at BSP and NDB for more information.
The difference between Business Name (BN) and Company is that Business Name is a Sole Proprietor (Individual). It is simple to start, less expensive and more suitable for micro businesses. A BN is selected when carrying on a business under a name, no legal entity is created and there is no limitation on liability.
The Company Name is selected upon incorporation and creates a special legal entity, distinct from its owners.
Business Registration is done at Investment Promotion Authority (IPA)
After IPA registration, then register TIN with Internal Revenue Commission (IRC)